Arcellx (NASDAQ:ACLX) Stock Price Down 3% on Insider Selling

Arcellx, Inc. (NASDAQ:ACLX) shares traded down 3% during trading on Friday following insider selling activity. The stock traded as low as $52.55 and last traded at $52.88. 84,042 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 444,740 shares. The stock had previously closed at $54.50.

Specifically, insider Christopher Heery sold 2,967 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $64.46, for a total transaction of $191,252.82. Following the sale, the insider now directly owns 30,303 shares in the company, valued at approximately $1,953,331.38. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the sale, the insider now directly owns 69,253 shares in the company, valued at approximately $4,646,183.77. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 2,967 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the sale, the insider now owns 30,303 shares in the company, valued at $1,953,331.38. The disclosure for this sale can be found here. Insiders sold a total of 605,814 shares of company stock valued at $42,439,893 in the last 90 days. Corporate insiders own 5.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Scotiabank reiterated an “outperform” rating and set a $82.00 target price on shares of Arcellx in a research note on Thursday, April 4th. Needham & Company LLC restated a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research note on Thursday, April 11th. Stifel Nicolaus restated a “buy” rating and issued a $82.00 price target on shares of Arcellx in a research note on Thursday, March 14th. Morgan Stanley started coverage on Arcellx in a research note on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price target on the stock. Finally, Canaccord Genuity Group raised their price target on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $74.17.

Arcellx Stock Down 5.2 %

The stock has a fifty day simple moving average of $64.96 and a 200 day simple moving average of $54.96. The firm has a market capitalization of $2.75 billion, a P/E ratio of -35.14 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. The business had revenue of $63.15 million for the quarter, compared to analysts’ expectations of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same period last year, the firm earned ($0.76) earnings per share. Research analysts anticipate that Arcellx, Inc. will post -1.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arcellx

Large investors have recently made changes to their positions in the company. Rafferty Asset Management LLC increased its holdings in shares of Arcellx by 10.2% in the third quarter. Rafferty Asset Management LLC now owns 158,778 shares of the company’s stock worth $5,697,000 after purchasing an additional 14,682 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Arcellx by 98.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock worth $45,000 after acquiring an additional 619 shares in the last quarter. Vivo Capital LLC grew its position in Arcellx by 16.1% in the third quarter. Vivo Capital LLC now owns 503,565 shares of the company’s stock worth $18,068,000 after acquiring an additional 69,780 shares in the last quarter. Swiss National Bank grew its position in Arcellx by 21.5% in the third quarter. Swiss National Bank now owns 63,300 shares of the company’s stock worth $2,271,000 after acquiring an additional 11,200 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in Arcellx by 87.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after acquiring an additional 14,000 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

About Arcellx

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company's lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).